连平、 刘涛、王运金（ 连平系广开首席产业研究院院长兼首席经济学家、中国首席经济学家论坛理事长 ） 当前，国际局势仍然纷繁复杂、扑朔迷离，可以概括为 "四个确定"和"三个不确定"。"四个确定"分 别是：世界经济复苏压力显著增大、关税驱动美国通胀反弹、美国经济正处于强弱换档期、美联储开 启本轮第二阶段降息。"三个不确定性"分别是：中美对等关税谈判悬念犹存、地缘政治风险多点共 振前景难料、美联储年内降息频率和幅度仍存变数。 四季度外部环境确定性因素和不确定性因素复 杂交织，有可能搅动全球资本流动、市场汇率和外贸格局，从不同维度给中国经济带来结构性压力和 挑战。 目前，国内需求积弱、产能结构性过剩、通货紧缩压力、预期不稳等问题依然不容忽视。三季度以 来，部分经济金融指标表现不佳：一是基建投资增速下滑，对投资增速形成阶段性拖累。 1-8月固 定资产投资累计同比降至0.5%，其中基建投资（不含电力）累计同比下降至2.0%，已连续四个月 环比逐月下降，短期来看受到基建投资资金错位、部分区域高温暴雨等因素影响。从中长期来看，当 前"十四五"规划进入收官阶段，大量存量项目已进入建设后期，而"十五五"规划的新项目尚未大规 模启 ...

今年是新疆维吾尔自治区成立70周年。70年来，新疆实现了从贫穷落后封闭到繁荣进步开放的历史性跨越，创造 了举世瞩目的人间奇迹。而新疆资本市场的蓬勃发展景象，正是区域经济腾飞的缩影。一组数据可以佐证：截至 今年8月底，新疆61家上市公司总市值超过9000亿元。2025年上半年，新疆板块总营收突破3000亿元，合计归母净 利润超100亿元；超半数上市公司披露现金分红方案，预计分红总额超110亿元。 新疆资本市场有何重大变化，形成了怎样的核心竞争力？证券时报记者近日采访当地监管部门与上市企业发现， 新疆资本市场正稳步突破地域局限，加速融入全国统一大市场。越来越多的新疆上市公司用好用足多层次资本市 场融资工具做强主业，以具有新疆特色优势的现代化产业体系为引领，不断拓展高质量发展新空间。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券时报记者 陈雨康 稳扎稳打 新疆板块向"新"发力 昔日风沙深处的远疆，今朝已成资本浪潮奔涌的西部高地。回望过往，新疆资本市场一步一个脚印，写下了精彩 的追赶篇章。 1994年2月，新宏信登陆深交所，奏响了新疆企业叩开资本市场大门的序曲，实现了从无到有的跨越。 2007年12月，金风 ...

将生产性服务业作为"投硬科技"的重要方向。 日前，重庆市原市长黄奇帆在"2025·青岛创投风投大会"上表示，我国即将进入"十五五"规划和2040年远景目标期，应该看到，生产性服务业是高质量经济 发展的关键所在，更要对生产性服务业具有GDP的增长极、独角兽的增长极、高附加值装备和终端产品价值增长极的功能有充分的认识。 此前，黄奇帆曾在多个场合呼吁重视发展生产性服务业，强调提高生产性服务业占GDP比重的多重意义。在最新演讲中，他建议，作为我国资本市场发展的 重要力量，以风投、创投为主的各类产业基金不仅要"投早、投小、投长"，更应该将生产性服务业作为"投硬科技"的重要方向。 "还有30%左右的资金是投在比较晚的跟投方面。往往企业上市前或已经上市，大家会找各种机会跟投。这属于风险不那么大，且有一定的股权投资内涵的 投资。"他认为，真正"投早、投小、投长"应该是在"青萍起于微末"的"0～1"阶段就开始投资，到"1～100"阶段又有各类转化性投资，等到产业成型的"100～ 100万"阶段有更多的跟投。"这类投得比较好的、特别跟独角兽企业有关的投资，大体占30万亿元各类基金的30%左右。总体上现在情况在好转。"黄奇帆 称。 ...

下一步，赤峰市财政局将积极落实自治区上市"天骏计划"，进一步培育筛选具备上市挂牌潜力的企业，不断增强赤峰市重点上市企业后备储备，"一企一 策"加强企业上市培育指导，助力企业全生命周期培育与产业赋能，为全市经济高质量发展注入强劲资本动能。 来 源：金融发展科 为深入贯彻落实自治区金融助企行动与企业上市"天骏计划"，宣传解读资本市场政策要求，增进企业上市意愿信心，进一步发挥资本市场服务实体经济的 重要作用，9月26日，由赤峰市财政局主办、中国银行赤峰分行承办的2025年赤峰市规上企业资本市场培训会召开。自治区党委金融办协调处处长宋振 清、赤峰市财政局副局长何江涛和各旗县区财政局（金融办）分管负责同志，以及重点拟上市挂牌企业相关负责人参加此次培训。 培训会上，上海证券交易所、内蒙古股权交易中心、律师事务所、期货有限公司等相关专家聚焦资本市场政策及最新形势、境内企业香港上市及中国证监 会备案概要等企业上市需求，从融资途径、股权退出、资本运作等多维度出发，深入浅出地讲解了企业如何借助资本市场实现战略扩张、技术整合与产业 升级，引导拟上市挂牌企业充分了解挂牌上市的各项政策法规要求，结合行业特点、发展趋势及融资需求，找准定 ...

瑞达期货研究院 「2025.9.26」 宏观市场周报 关 注 我 们 获 取 更 多 资 讯 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 添加客服 作者：廖宏斌 业务咨询 目录 1、本周小结及下周 配置建议 2、重要新闻及事件 3、本周国内外经济 数据 4、下周重要经济指 标及经济大事 「本周小结及下周配置建议」 图1、国内股指期货结算价 图2、国债期货结算价：2、5、10年期 2000.0000 3000.0000 4000.0000 5000.0000 6000.0000 7000.0000 8000.0000 上证50期货 沪深300期货 中证500期货 来源：wind 瑞达期货研究院 来源：wind 瑞达期货研究院 4 98 100 102 104 106 108 110 CFFEX2年期国债期货 CFFEX5年期国债期货 CFFEX10年期国债期货 「本周小结及下周配置建议」 | 股票 | 债券 | | | --- | --- | --- | | | 沪深 300 +1.07% | 10 年国债到期收益率+0.05%/本周变动+0.10BP | | | 沪深 300 股指 ...

Group 1 - Shanghai C&D INNOSTIC Medical Technology Group Co., Ltd. successfully held its IPO ceremony on September 25 [2] - The company, founded in 2010 and headquartered in Shanghai, is a national medical device distributor and part of the C&D Group [3] - The company engages in direct sales and distribution of medical devices and provides centralized operation services for medical consumables to hospitals, maintaining long-term partnerships with over 100 well-known domestic and international high-value medical device manufacturers [3] Group 2 - Chairman Yu Feng emphasized that the company will leverage its listing as an opportunity to utilize capital market resources, focusing on industry pain points and enhancing hospital scenarios [9] - The company aims to embrace the intelligent era and actively serve the public and society, with a commitment to delivering better operational performance to shareholders and contributing to society [9]

Core Viewpoint - The A-share market is gradually showing a slow bull trend one year after the "924" policy, but it remains in a value trap due to underlying economic challenges and structural issues in the capital market [1][2]. Group 1: Economic and Market Conditions - The current Chinese economy is in a downward cycle, with significant fiscal pressure on local governments and a severe employment situation, making it difficult for the fundamental economy to provide effective support [1]. - The total social financing in China is heavily reliant on bank loans, which amount to approximately 36 trillion yuan, indicating a low proportion of direct financing from the capital market [1]. Group 2: Liquidity and Institutional Reforms - The coordination efficiency between the central bank and the China Securities Regulatory Commission has significantly improved, with the Central Financial Committee playing a key role in injecting ample liquidity into the market [2]. - Despite a rebound of about 800 points from the market's low, systemic optimization of institutional frameworks is necessary to avoid resistance to further market growth [2]. Group 3: Shareholder Behavior and Corporate Governance - Current large shareholders are focusing on cashing out rather than improving company operations, which undermines the original intent of the capital market to support the real economy [3]. - There are over 5,400 listed companies in A-shares with a total share capital of approximately 77 trillion shares, with more than 90% being tradable, leading to significant pressure for large shareholders to reduce their holdings [2]. Group 4: Proposed Institutional Innovations - Three key institutional innovations are proposed to address structural issues: 1. Setting a cap on the shareholding ratio of the largest shareholder in newly listed companies at 30% to control reduction pressure [4]. 2. Implementing a "minimum price for liquidity" mechanism that ties the reduction price to company performance and market index levels [4]. 3. Linking reduction qualifications to dividend distribution, requiring cumulative dividends to exceed total financing amounts before allowing reductions [4]. - The regulatory authorities are urged to adopt differentiated policies for existing and newly listed companies to prevent a potential market crash due to uncontrolled large shareholder reductions [4][5].

Core Viewpoint - The A-share market is gradually showing a slow bull trend one year after the "924" policy was introduced, indicating that it remains a value lowland for investors [1] Group 1: Market Dynamics - The number of new accounts is increasing, with more "post-00s" and "post-10s" entering the stock market, reflecting a shift towards a younger investor base [1] - The A-share market is compared to the US market, where the US stock market recently reached a historical high of 46,000 points, while the A-share market's recent high was only about 3,899 points, highlighting a significant gap [2] Group 2: Economic Growth and Valuation - China's GDP growth rate is significantly higher than that of the US, suggesting that the A-share market should theoretically enjoy a higher price-to-earnings (P/E) ratio [2] - The current P/E ratio of the Shanghai Composite Index is approximately 15 times, while the overall market P/E ratio is around 30 times, indicating that A-shares are undervalued compared to US stocks, which have an overall P/E ratio exceeding 30 times [2] Group 3: Investment Opportunities and Risks - The potential for the A-share market is substantial, with a reasonable P/E ratio of up to 40 times, considering China's economic growth [2] - Young investors are encouraged to participate in the capital market as it is seen as a crucial platform for increasing property income, but they must also be cautious of financial risks [2][3]

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Group 1 - The core viewpoint of the news is the significant achievements in the financial sector during the "14th Five-Year Plan" period, highlighting reforms in financial systems, services to the real economy, support for technological development, and risk prevention [1][2] - The financial regulatory system reform has been successfully completed, enhancing the legal framework of China's capital market [1] - A series of milestone policies have been introduced to support the development of the technology industry, accelerating the formation of a comprehensive financial ecosystem covering the entire lifecycle of technological innovation [1] Group 2 - Effective resolution of financial risks in high-risk areas such as local government financing, real estate, and small financial institutions has been achieved during the "14th Five-Year Plan" period, laying a solid foundation for economic development in the "15th Five-Year Plan" [2] - The macroeconomic policy during the "14th Five-Year Plan" has focused on domestic priorities while balancing internal and external factors, ensuring ample liquidity to support economic development in the "15th Five-Year Plan" [2]